What Does Critical Illness Insurance Cost?
You want to know what critical illness insurance costs. What you pay can vary based on the following:
- How much coverage you want.
- Do you want cancer-only coverage or comprehensive CI?
- Your age when you apply.
- Your sex.
- Whether you use tobacco products.
- Your health and any prescription drugs you take.
- Are you part of a group?
- Are there any additional fees?
- When your coverage will end.
- Is the coverage through your spouse’s employer?
What Cost? The fastest way to see critical illness insurance costs
It takes just a few seconds to get a sense of what you might pay for coverage.
Our instant calculator requires no personal information. Just click Male or Female and you will instantly see a price shown. Change the factors to see the relative cost.
The rate shown is for $10,000 of critical illness insurance. To get a sense of what a comprehensive critical illness insurance policy will cost, simply multiply the amount by 3 (maybe 4).
To see an actual cost from a real insurer, click the GET YOUR FREE QUOTE FOR IMMEDIATE COVERAGE button on the adjacent advertisement.
You will exit the Association’s website but you can return anytime.
Tip #1. Compare Costs for Maximum Savings
About 60 insurance companies sell some form of cancer-only or critical illness insurance.
They each set their own rates. The differences can be significant. So can other important facts.
For maximum savings it really does pay to compare.
You may save money immediately.
Unlike some other insurance policies where you can switch from one company to another, you probably are not going to switch.
So, you’ll likely save money for years to come. And, that’s why it pays to compare now.
Tip #2. Only Cover What You Worry Most About
Comprehensive critical illness insurance covers multiple conditions. Cancer, heart attack and stroke are the big-3.
But, maybe you really only worry about cancer. Today, you can get a policy that is for cancer-only coverage.
Why do this? To save money. Below we give actual examples to help you see the price difference.
These costs come from the Association’s endorsed insurer. They have some minimums for certain ages and levels of coverage which we have attempted to factor into the examples.
Cost Example: Cancer Only Insurance
| You Are | Smoker or Non-Smoker | Benefit Amount | Cost-Per-Year |
|---|---|---|---|
| Male age 40 | Non-smoker | $25,000 | $67 |
| Male age 40 | Smoker | $25,000 | $95 |
| Female age 40 | Non-smoker | $15,000 | $84 |
| Female age 40 | Smoker | $15,000 | $98 |
| Male age 52 | Non-smoker | $10,000 | $89 |
| Male age 52 | Smoker | $10,000 | $171 |
| Female age 52 | Non-smoker | $10,000 | $106 |
| Female age 52 | Smoker | $10,000 | $171 |
Cost Example: Comprehensive Critical Illness Insurance
| You Are | Smoker or Non-Smoker | Benefit Amount | Cost-Per-Year |
|---|---|---|---|
| Male age 40 | Non-smoker | $10,000 | $82 |
| Male age 40 | Smoker | $10,000 | $134 |
| Female age 40 | Non-smoker | $10,000 | $92 |
| Female age 40 | Smoker | $15,000 | $118 |
| Male age 52 | Non-smoker | $10,000 | $232 |
| Male age 52 | Smoker | $10,000 | $437 |
| Female age 52 | Non-smoker | $10,000 | $199 |
| Female age 52 | Smoker | $10,000 | $308 |
Tip #3. Compare If You Are A Non-Smoker
Sometimes smokers and non-smokers pay the same.
What that means is that non-smokers are subsiding some of the risk (cost) for smokers. Smokers have a higher risk of cancer, heart attack or stroke.
Non-smokers should always see if a non-smoker rate is offered. There could be significant savings.
Tip #4. If Your Employer Offers Critical Illness Insurance
If your Employer offers critical illness insurance here are things to compare:
- Do you have both cancer-only and comprehensive critical illness options?
- Compare the annual rate.
- Can you pay monthly? Is there an added charge?
- Are there any additional fees?
- Do non-smokers pay the same as smokers?
- Do men and women pay the same (for the same age)?
- Are premiums level or will they increase as you age?
- If you leave the company, can you continue the coverage?
- Does the policy terminate at a certain age?
- Can my spouse or partner be covered by the same company?
Additional Critical Illness Insurance Information is available. Simply access the Critical Illness Insurance Association’s News Archive to read the latest information on cancer, heart attacks, strokes and critical illness insurance.
Visit Our Other Insurance Industry Organizations
Learn more about long-term care insurance and request long-term care insurance costs from a specialist. Visit the American Association for Long-Term Care Insurance.
Turning 65 and eligible for Medicare? Connect with a local Medicare insurance agent near you. Use the American Association for Medicare Supplement Insurance’s free Zip Code agent look-up. It’s 100% free and 100% private.
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Instant Insurance Cost Calculator
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